AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Immediate Resistance: AUD/USD faces resistance at $0.66612; a break above may signal further upside.

- Pivot and Support Levels: $0.66395 is a key pivot; $0.65929 serves as critical support.

- RSI Reading: With an RSI of 63, momentum is moderately strong but nearing overbought levels.

AUD/USD is showing strength, trading at $0.66208, following a rebound that lifted the pair above the crucial support level of $0.66235. The immediate resistance sits at $0.66612, and if breached, it could open the door to further gains towards $0.66849.

However, the pivot point at $0.66395 remains a critical level for traders, with the 50-day Exponential Moving Average (EMA) at $0.65940, suggesting underlying support.

Technical indicators present a mixed picture; the Relative Strength Index (RSI) is currently at 63, leaning towards overbought territory but not yet signaling a full reversal. This level indicates that buyers maintain control, though caution may be warranted as momentum could slow if resistance levels hold.

For bears, a drop below the immediate support of $0.65929 could shift the bias downward, potentially driving prices towards $0.65646 and then to the next support at $0.65471.

In the short term, the Australian dollar appears poised to extend its rally, though this optimism is fragile and reliant on maintaining levels above $0.66235. A close below the 50-day EMA at $0.65940 would signal a possible shift to bearish sentiment.

Given the current dynamics, traders may look to sell below $0.66260 with targets near $0.65933 while setting a stop loss at $0.66444.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.66260

Take Profit – 0.65933

Stop Loss – 0.66444

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$327/ -$184

Profit & Loss Per Mini Lot = +$32/ -$18